A 167-unit Northeast Portland apartment building has sold for $30.7 million to a California investment group.

Grant Park Village Quimby, completed in 2018, was purchased by Laurel Property Group of Beverly Hills, California. LPG specializes in managing multifamily properties for family offices and wealthy investors.

The seller was the property’s developer, Capstone Partners, alongside PCCP, a Los Angeles-based real estate investment manager.

The transaction values the 117,333-square-foot asset at $183,832 per unit, or $262 per square foot.

“Grant Park Village Quimby represents exactly the type of institutional‑quality, transit‑oriented asset that investors are seeking in today’s market,” Joe Nydahl, a CBRE executive vice president, stated in a news release. “The property’s finishes, location fundamentals and the limited future supply pipeline in the Grant Park submarket position it well for long‑term performance.”

Nydahl and Josh McDonald represented both the buyer and the seller in the transaction, with support from Scott Williams and Ryan Jameson of CBRE Debt and Structured Finance.

The building at 1580 N.E. 32nd Ave. is in the Sullivan’s Gulch neighborhood and sits adjacent to its sister property, Grant Park Village Henshaw. The properties are north of Interstate 84 and next to a Fred Meyer store.

The apartments in Grant Park Village Quimby are studios or have one or two bedrooms; they average 554 square feet. The midrise community features modern unit finishes and a range of resident amenities, including a fitness center, a resident lounge, an outdoor courtyard and a pet spa.

The property sale was recorded on April 21, according to Multnomah County records.

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A proposal to build three new mixed-use buildings in the Lloyd District will undergo further revisions.

While the commissioners didn’t approve the project at the design review hearing on Thursday, they offered feedback for the Holst Architecture team to use before it returns to present its next iteration at another hearing on April 5.

As proposed, two seven-story buildings would be constructed north of Northeast Multnomah Street, at 16th Avenue, and one five-story building would be built south of the intersection. The development would replace the Lloyd Cinemas and a surface parking lot adjacent to the Sears building in the Lloyd Center mall.

The 85-foot-tall buildings would hold 556 residential units, including 20 walk-up units; 34,300 square feet of retail space; nine live-work units on the ground floor; and 252 vehicle parking spaces. The proposal also calls for a series of public plazas on the ground floor and rooftop decks for residents. The site would provide 34 short-term bike parking spaces and 844 long-term bike parking spaces.

The structures will straddle the border of the Sullivan’s Gulch and Lloyd District neighborhoods. Reflecting elements of both neighborhoods proved to be a challenge for the design team.

Commissioners present at the hearing (Andrew Clarke and Jessica Molinar were absent) addressed several areas where they wanted to see changes. Most of them disliked the proposed buildings’ colors and skins. They liked the lighter tone, but not the blended look of the walls with a pattern of recessed windows.

“The blending is a really interesting intellectual exercise, but it does make the facade much busier than it needs to be,” Chairwoman Julie Livingston said. “On the issue of color, I also agree that lighter is better. That said, I don’t think that an all-white building, anodized metal, or really light or blonde-colored brick is the way to go. I think some variety is OK.”

A darker color could work as a modest highlight, Livingston said. Commissioner Don Vallaster agreed, adding that context is important.

“The skin treatment has to be much more subtle and nuanced than we’re seeing here,” he said. “The context is so different as you go from south to north.”

As requested at the last design advice hearing, the design team added balconies to some of the residential units to add a level of contrast on an otherwise blank wall.

Commissioners also discussed the public plazas, saying some areas would have too many elements blocking open spaces. They pointed out bench placements and positions of walls.

“As our city gets more dense and people are shoved together more tightly, open space will become extremely valuable; it can provide respite,” Vice Chairman Tad Savinar said. “I look for these open spaces wherever they are to be that calm in the storm.”

Finally, commissioners said they would like to see the buildings provide pedestrians more protection from inclement weather.

“I think we hear you loud and clear,” Dave Otte of Holst Architecture said. “I think we understand where this project needs to go.”

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